What is a Feasibility Study?
A feasibility study explores how practical your design is from technical, financial, and timely perspectives.
Is it commercially viable from a market feasibility perspective, how long will it realistically take to get into the customer’s hands, and does it conform to the laws of physics?
Answering these questions, product feasibility studies add clarity to your next step of product development by properly mapping out your development approach, as well as uncovering potential risks.
Is it Feasible for You?
There’s a common misconception when it comes to product development.
Just because a similar product exists, and you can hold it in your hand as testament to its technical feasibility, it’s not confirmation that you’ll be able to recreate the same product – or even similar.
In reality, there are a range of market-driven factors that mean larger, more established organisations are able to take risks on high volume, high cost products.
For a start, multi-nationals that have the capability to manufacture en masse, are likely to be favoured by manufacturers. Plus, you’ve got to source the parts – not a straightforward proposition in the middle of a global component shortage.
A feasibility analysis is a pragmatic means of determining whether your organisation is realistically in a position to create the product, from design to manufacture, to post-release support.